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of the conditions applied. difficult steps need to be undertaken to raise as gas prices and trim budget deficits, but ukraine should be given a long enough pleased so these reforms don't strangle a nation. today dealing with threats to its very existence. second, crimea. russia has invaded ukraine. make the mistake. they have done so in violation of the united nations charter and the very accord that they signed in 1994 guaranteeing crimea's territorial security. no doubt vladimir putin will soar him as his ally in ukraine president's office in no doubt he didn't like the fact united states voiced his strong support for the right of a sovereign ukraine to make independent decisions about its future partnerships. and no doubt, he is infuriated that the ukrainian people are now on their way to getting their way. this is not a schoolyard. you don't get to push around weaker or just because you don't like them. this is a 21st century. the reason we belong to organizations like the united nations, the reason we negotiate treaties like the budapest memorandum is because we now understand after centuri
issue right now, deficit, debt, from the ministrations point of view, it is not something are focusing on right now. >> take you for setting the scene. -- thank you for setting the scene. york, our guest host, we have the chart of earlier. it is a massive victory lap. can we get back to a surplus? can we get back to that surplus? >> that is certainly not on the near-term horizon. what is important to note, three years ago the deficit was 10% of tdp and this year, 3%. it wasn't pretty. it didn't look like the civics textbooks, but we have a lot of deficit reduction. we had the ryan murphy agreement. it basically takes fiscal policy off the table for the next two years. barring a dramatic or election outcome in november, the administration will be status quo for 2017. >> are you willing to say austerity in the u.s. worked while austerity in europe did not work question mark -- work? able to register economic growth. it has been sluggish. europe has not been able to pull it off and a big impact of the fed he been the economy supported. >> the former fed governor, wonderful textbook, i don
? it is contained. we do not think it is a contagion threat. in the so-called double deficit countries, they are quite small in terms of their exposure to the developed market angst. opportunityke this to buy more emerging-market equities right now? intoe you still buying other equity markets, more developed markets in the u.s. and eurozone? >> it depends on your timeframe. over the next six months, i don't see a lot of triggers that will send the emerging markets story into a by scenario. i would be cautious. the valuation discount is about 30% and that is attractive. and lot of contagion risk that is psychology with the ukraine and other stories is scary so i would be cautious to neutral on emerging markets right now. have thena does not risk of contagion, you mentioned the fragile five, which might present a risk when we talk about the contagion to emerging markets? >> i don't think any of the fragile five are a risk in the developed markets for a couple reasons. they are tiny. take argentina and venezuela and put them together, less than half a point of global gdp. they are really
lending that will be done. in other words, the tax will go not to reduce the deficit or debt and it will be less lending. why would we be doing that? it makes no sense. spoke with a hunt representative and i want to get your take. to 25, and you are right, 99% of taxpayers will be at 25% or less. 99% and a when i was in school. what we do that is have trade-offs. >> back to the one percent argument. does this thing stand a snowballs chance in hell passing? >> for the bank tax, i hope not, cost -- because you will have less lending. the panel that i was on, and simpson bowles, better known to the general public, we all recommended dramatic reduction rates and elimination of most exemptions, deductions, and credits. that is the only way you solve the problem. if you go at it piecemeal, whether a bank tax on mortgage interest eduction, you never get it resolved. the reality is you want to balance the budget and get the debt in line with where it ought to be. you are going to have to do very dramatic things. i am glad that conversation is starting. you are known as one of the mos
that the russian budget is experiencing is that they are having an expanding deficit at $110 a barrel. if we go back several years, they're doing rather well balancing the budget at $60 a barrel. every single increased difficulty in funding export into what is the kremlin our needs and that is a full flow of finance. >> how much substitution can there be? are there ways around the situation? >> no. the energy crisis in the ukraine will become acute and quickly. , thered no difficulty was an arrangement that had been set up between ukraine and russian gas prom -- and russian azprom. there were supposed to be an extension of credit. all of that is over. it is back to cash on the barrel head and ukraine cannot afford to buy natural gas. an lngalking about terminal outside of odessa, but that will not particularly help. one problem people have not really looked at yet is the ukrainians, like a number of people in europe, have been relying on toward coal to offset the natural gas pricing situation. there are some reverberations this morning from the netscape onetsk. internally, we are having an ene
a current account deficit, whether you are on the production side of commodities or the consumption side of commodities. clearly there are some particularly hard-hit emerging markets leaving the ukraine aside for a moment. you've got the now so-called fragile five, brazil, india, indonesia, south africa and turkey. and those are some of the most beleaguered areas. but there are also going to be some winners. we have a fairly optimistic view on china which is by far the biggest within the emerging markets sphere. >> wish we had more time to explore that with you. liz ann, always a pleasure talking to you. thanks so much. >> thanks for having me. >> liz ann saunders, chief investment strategist at charles schwab. >>> if you're wondering which well-known u.s. companies have some of the biggest exposure, among them are general motors. it makes about 100,000 cars a year at a plant near st. petersburg and it's hoping to expand operations next year. ford operates three plants with a russian automaker. exxon mobile formed an alliance with russia's state-owned oil company in 2011 exploring for oi
the deficit sharply. that will end the corrupt subsidies to the coal and gas sector. >> where does this leave the eu? this is a country that if it were to become part of the eu would be bringing on a whole a lot of problems. it is effectively another grease type situation in terms of being in debt. eu'soes that leave the feeling toward ukraine knowing if they were to welcome them in, they would be taking on most -- a host of economic problems. ? one of the wings to bear in mind -- one of the things to bear in mind is that the ukraine is split between the east and west. many people in the west are pro-europe and those in the east are more pro-russia. i think we will have to wait to see what happens with the new government and whether they can forge a national unity before we can start talking about what this will mean for europe. >> thank you very much for joining us and we will continue checking in throughout the day. x and the senior fellow at the peterson institute in washington, d.c. you are looking at a live shot of the deposed ukrainian vichdent victor yanuoklo holding a press conference
that billions of dollars to our deficit every year. insteadrats, we believe of more tax breaks for the few, we should make investments to grow the economy for everyone. that's what we believe. [applause] opportunity for all means guaranteeing every young person access to a world-class education. [applause] ago, justfour years an example, four years ago we took on the student loan system that gave billions of taxpayer dollars to big banks as part of the student loan system, even as there were young people out there who were not getting the help they need it to go to school. so we use the savings to help more students afford college. today, more young people are earning college degrees than ever before. you would think republicans would say, you know what, that's a good idea. good for you, mr. president. [laughter] bno, the republicans still want to return that money to the banks. as democrats, we are fighting to make sure that more americans can afford higher education, whether it is technical training, community colleges, four-year university. that is what we believe. that is what we are fight
're right, there are issues out there. i think it's more about deficit spending where they'll try to earn -- try to get janet yellen to see how far she'll go politically. greenspan a little bit more of a political animal. ben bernanke saying we'll not weigh in on that stuff and we don't know where janet yellen comes down, and saying do you know what, you need to bring down the deficits, how you do it is your problem. >> it raises questions about unemployment. that's the sticking point. that's what investors and traders want to hear from her, the whole issue of forward guidance. if you were still there, what would you recommend? how would you switch policy to get away from the 6 1/2 percent unemployment threshold? >> they've been burned. no other way to put it they've been burned on the 6.5% marker, whatever you want to call it, threshold and they'll back away from that. i would think that janet yellen would want to make maximum use of what will be a honeymoon period. i don't think that anybody is going to be going really after her hard. it's too early to do that. and there's nothing reall
term on trying to boost job growth. over the ten-year window you will see steadily declining deficits. at the end the period i think you'll see a declining debt-to-gdp ratio. that's the right trajectory. >> yesterday we had warren buffett on the program. he said he thinks the proposal would be to boost the earned income tax credit even more, expand that in a bigger way. that's a way to boost wages for people that are working without looking at job losses by raising the minimum wage. how about offering it to a wider variety of people and taking the minimum wage proposal off the table? >> these things are not mutually exclusive. there's no reason you can't work at both ends here. >> is it something you would offer if you did a broad -- not what you're talking about right now, but boosting the income tax credit in a big way, offering it across the aisle as a way of finding compromise, in instead of looking at one from another. i think that would be something republicans would take on heartily. >> we're willing to consider any ideas republicans put on the table. the president is putting t
loss since the bailout in 2008. 15 billion-dollar deficit for last year. he calls rbs the industry's least trusted leader, does the ceo. >> the bank. the largest bailout in europe. still owns the vast majority of the bank and is still pulling the strings. >> by the way, wire pros playing in the olympics? >> that is what the nhl is asking -- the players love it. >> the players love it and flagwavers love it, i am not fair -- sure it is fair to college athletes. >> we need to go to the ukraine. we spoke with the new leadership to read good morning. >> good morning. his name is arseniy yatsenyuk, the prime minister designate. inis about it -- to be voted as the interim prime minister of the country for the next few months. parliament is still chewing over this decision. >> how front and center is crimea to the management in kiev? >> very front and center. i was standing in the parliament here in kiev. meanwhile, in the crimea, the parliament had just been seized by a group of about 100 gunmen. i asked the prime minister about that and he said it is the first crisis he has to deal with
mentioning it. we are reducing the budget deficit through the aca. i know our colleagues on the other side of the aisle are very careful about budget issues. good, they should be. well health care costs are declining and declining significantly. some of that is due to the recession but almost every expert says much of that is due to the aca. national health care expenditures for instance in 2012 grew by 3.7%, meaning that the growth from 2009 to 2012 was the slowest since government collected information and that was in the 60s. the percentage of health care spending for the first time, the percentage of gdp actually shrunk from 17.3 to 17.2. at the same time the solvency of medicare's hospital insurance fund decreased and costs cut. so this is great news. the bottom line, i know our colleagues on the other side of the aisle think they hit political gold when they attacked the aca and called for its appeal but the american people don't want repeal and secondly as we move on in time the positives of the aca will become more apparent. the negatives that people perceive of aca will decline an
remained overvalued despite an account deficit. >> reporter: the debt of the country has been falling, though, as a result, yields have been rising. they're not worried you're not going to be able to reservice it. are you worried about a restructuring? >> we are not worried, but ukraine needs external help for the next year or two. i think with sensible economic policies and with international support from the imf, u.s. and the eu, we can return to the market back within six months, maximum. >> reporter: if you listen to a discussion about ukraine and the united states, it's all about this is the eu or russia, a forced choice, some kind of big monumental decision for ukraine. do you see it so divided, choosing between eu and russia? >> ukrainians would not want to make it look like this. it wants help from all of its neighbors including russia and on the other side, but the majority of the population definitely supports european standards of business, democracy, free market economy. >> reporter: thanks so much for joining us, mr. fiala. we really appreciate it. tomas fiala, ceo of dra
would happen with the $17 trillion deficit? stuart: we have asked you this before. what are we going to do? you told us you are out there, we want to bring people together. not looking for a radical opposite to what is going on. you want to bring people together to find solutions and i know you have been out there looking. do you think it is possible to establish a consensus? is it possible to bring people together over a course of action that will take us in a different direction in the future? >> it is very possible. we need to start talking. never have a conversation with your adversary because that humanizes them and your job is to demonize the. we see a lot of that going on. that is not what we want. in the pre revolutionary days of america people need to get together with their friends and family and talk about what kind of america do you want to have? talk about who your representatives are and how did they vote. not how they said they voted but how did they vote. you need to know that because you need to talk to your 87-year-old and who hasn't voted in 20 years who may be an
, imbalances you have because of the current account deficits, you need to keep monitoring fiscal policy quite tight. you have to be a lot deeper into the upcoming fiscal year before you see contraction growth and that has to come on the back of implementation of projects, some of the economic reform issues that have been announced since may 2012. >> so i guess may is the key if we're looking for measures like this to be introduced. do you think that's going to be a turning point for the country? >> well, i think there's a few questions about will the government get enough of the mandate and therefore be able to, on the back of that, implement policies, but that remain toes be seen. so it might not be easy for some of the incumbent parties to necessarily muster the vote they need to have. but it's true, post elections, you know, in principal we should be more a possibility to get more on the petition side of these policies, let preoccupation with elections nearing, if you will. the kick start of the investment cycle, all of that cannot be turned on overnight. it takes a while before these type
loopholes as a part of a compromise approach dealing with our media and the long-term deficit challenge is. so yes the president will talk about why it's so important for democrats to advance an agenda that is focused on expanding opportunities for all. and as he has and i have as well it is certainly worth noting in the contrast, and he will again tonight with an agenda that is focused on protecting the loopholes and prerogatives of the wealthiest and the well-connected and again from expanding or protecting the opportunity for a few. >> it sounds like a campaign. when you say opportunit see oppa few yesterday you were saying the chairman proposal has had some good potential to it. >> and they rallied around it. >> the president met earlier this weekend talked about immigration reform. >> obviously the president, like all republican leaders including those running for office themselves, is engaging in political events and he will be supportive in many ways a democrat either running for the reelection or office in this cycle. in the meantime that he is principally focused on advancing an a
to this aid. difficult steps need to be undertaken to right size gas prices and trim budget deficits, but ukraine should be given a long enough lease so that these necessary reforms don't strangle a nation today dealing with threats to its very existence. second cry me i can't. -- crimea. they have invaded and the very accord they signed guaranteeing crimea's territory. no doubt president putin was sore and no doubt he didn't like the fact that the united states voiced its strong support for the right of a sovereign ukraine to make independent decisions about its future partnerships and no doubt he is infuriated that the ukrainian people are now on their way to getting their way. but this is not a schoolyard. you don't get to push around weaker kids just because you don't like them. this is the 21st century. the reason we belong to organizations like the united nations or the reason we negotiate treaties like the budapest memorandum is because we now understand, after centuries of european war, how destabilizing this kind of behavior is. the irony for russia, of course, is that this
't have enough import to fund our consumption or enough saving to support our deficit. what are we going to do if china changes and we don't. >> but i gather that you think they're on the ascendency and we are clearly on the decline. that is the -- i will say, that was my takeaway. >> they are rebalancing their model to keep the growth and development story going and that will certainly take them to a larger scale of their economy than ours, at some point in the next five to ten years. >> gdp. >> their per capta gdp, joe, is going to be increasing, but at a much slower pace. for a long time. >> multiplied out and that's why it's bigger. >> for a long time. are we on the decline? that's the big debate in america. we continue to undersave, underinvest in people, infrastructure, and capacity. and if we don't get that together, then their ascendency will coincide with our decline. >> we've had periods like this before. >> yeah. >> i mean, you're optimistic we get it together or do you think we're the roman empire? >> no, look, i hope we get it together. what i don't see is a debate on the st
that the deficit is going down. who wouldn't hope for that? we hope for it. it's working. but any time you look at what they're doing, it's all short term. the stuff that's going to eat our lunch is 10,000 people a day turning 65. you've got a system that was set up of social security that you won't even address the insolvency of it for 75 years. health care is on automatic pilot. forget what you call it. it's time to deal with the long-term stuff before interest goes from where it is now to back to historical heights and then watch people grab their socks and run for blocks. >> is there anything you think can be done considering that it probably won't be implemented until after the november 2014 midterms? >> anything that will be done will be done down the road. that's what's wrong with the health care plan. whatever it is is all the correction process is down the road, way ahead. and it's like a dock fix. you're going to do another dock fix and they will run in. you're going to do anything. whatever you do, whether it's tort reform or real estate or whatever is done, the groups will organize
Search Results 0 to 21 of about 22 (some duplicates have been removed)